Insurance Business Process Outsourcing (BPO): Introduction
- Insurance business process outsourcing is the process by which some companies outsource some of their backend office tasks such as bookkeeping, data entry, and accounting to third party service providers. Insurance business process outsourcing is considered a feasible and valuable option for those companies that find it difficult to hire experienced staff and manage in-house departments.
- Insurance business process outsourcing offers numerous services such as call center outsourcing services, finance and accounting BPO services, back office BPO services, IT outsourcing services, e-commerce support services, digital marketing services, and billing services.
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Global Insurance Business Process Outsourcing (BPO) Market: Dynamics
Global Insurance Business Process Outsourcing (BPO) Market: Key Drivers and Restraints
- Increase in demand for cost effective operations and the need to standardize business processes among organizations is expected to boost the insurance business process outsourcing (BPO) market during the forecast period.
- Increasing demand to manage stringent regulatory compliances effectively is a major factor projected to boost the market in the next few years.
- Growing adoption of cloud-based solutions increases the need to manage the cloud data, and this is expected to boost the demand for insurance business process outsourcing (BPO) across the globe.
- Rise in demand to provide high-quality results and improve customer satisfaction is estimated to propel the market during the forecast period
- Emergence of digital technologies such as artificial intelligence (AI), cloud computing, and Internet of Things (IoT) across the globe is anticipated to boost the demand for insurance business process outsourcing (BPO) during the forecast period.
- However, data security and privacy concerns are expected to hamper the insurance business process outsourcing (BPO) market during the forecast period.
- Increase in dynamic outsourcing service requirements is projected to restrain the market in the next few years.
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Impact of COVID-19 on the Global Insurance Business Process Outsourcing (BPO) Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Most of the manufacturing or production of goods is temporarily suspended globally. Businesses have been adversely impacted in most countries due to partial or full lock down. This, in turn, is projected to indirectly hinder the global insurance business process outsourcing (BPO) market in the next few years.
- Lack of industrial activity is expected to result in low cash flows, further impacting the funding of projects. However, companies are collaborating with technology giants to develop industrial digitalization technologies to minimize the negative consequences of the COVID-19 pandemic on the supply chain and their businesses.
North America to Hold Major Share of the Global Insurance Business Process Outsourcing (BPO) Market
- In terms of region, the global insurance business process outsourcing (BPO) market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global insurance business process outsourcing (BPO) market in 2019, due to the presence of large number of companies in the region.
- The insurance business process outsourcing (BPO) market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing foreign investments in countries such as India.
Global Insurance Business Process Outsourcing (BPO) Market: Competition Landscape
Several local, regional, and international players are active in the insurance business process outsourcing (BPO) market with a strong presence. Rapid technological advancements have led to opportunities in this market. Insurance business process outsourcing (BPO) vendors are focused on an inorganic growth strategy such as strategic collaborations, and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Insurance Business Process Outsourcing (BPO) Market
- Accenture plc
- Atos Syntel
- Capgemini Technology Services India Limited
- Capita plc
- Cognizant Technology Solutions Corp
- Dell, Inc.
- EXL Services Holdings
- Genpact Ltd.
- HCL Technologies Limited
- Infosys Limited
- Invensis Technologies Pvt Ltd.
- Serco Group plc
- Sutherland Global Services, Inc.
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Wipro Limited
- WNS Holdings Ltd.
- Xchanging Systems and Services, Inc.
- Xerox Holdings Corporation
Global Insurance Business Process Outsourcing (BPO) Market: Research Scope
Global Insurance Business Process Outsourcing (BPO) Market, by Type
- Asset management
- Claims management
Global Insurance Business Process Outsourcing (BPO) Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Insurance Business Process Outsourcing (BPO) Market, by Application
- Property and Casualty
- Life and Pension
Global Insurance Business Process Outsourcing (BPO) Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.